The May data from Land Registry's House Price Index also shows an annual price increase of 5% and that repossession volumes decreased by 27% in March 2013 to 1,448 compared with 1,981 in March 2012.
The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 5% and the East Midlands experienced the greatest monthly rise with an increase of 2%.
The region with the greatest annual price fall was Yorkshire and The Humber with a decrease of 2.2% and the East of England saw the most significant monthly price fall with a decrease of 0.7%.
The most up to date figures available show that during March 2013, the number of completed house sales in England and Wales decreased by 15% to 52,090 compared with 61,334 in March 2012.
The number of properties sold in England and Wales for over £1 million in March 2013 increased by 21% to 625 from 517 in March 2012.
All regions saw repossessions decrease between March 2012 and March 2013. The region with the greatest fall in the number of repossessions was the North East where repossessions dropped by 39% in March 2013 compared with March 2012.
Paul Hunt, managing director of Phoebus Software said although the route to a full recovery is still blocked by a whole row of economic barriers, house prices are inching up. ‘The lending picture is brightening up thanks to the small but significant progress being made, thanks mainly to Funding for Lending and the Help to Buy scheme,’ he explained.
‘Lenders are constrained in more ways than one: they must remain cautious due to financial restraints resulting in a shortage of mortgage finance for lower income borrowers. But there’s a big improvement in the availability of attractive mortgage offers on the market, thanks to lenders’ positive approach to lending and that’s helping to boost competition across the board,’ he said.
‘Hopefully the government’s Help To Buy and FLS should provide an extra stimulus to the mortgage market this year that will feed into healthy house prices,’ he added.
